MISMO Issues Call To Streamline The Exchange Of Pre-Closing Title Data

MISMO, the real estate finance industry’s standards organization, is seeking participants for a new initiative focused on standardizing pre-closing title document datasets in order to streamline the business process and improve efficiency.

Today the process of reviewing pre-closing title data and documents is not standardized. In fact it differs from agent to agent, resulting in delayed document review and inefficiencies in pre-close procedures.

MISMO will focus on standardizing the datasets of these nationally-used pre-closing title documents: Closing Protection Letter (ALTA), Title Commitment (ALTA), and Request for Fee Sheet. A new development workgroup (DWG) will be created to complete the work.

The DWG deliverables will include:

• Soliciting participation, input and feedback from industry participants and
• Creating a standard dataset for each pre-close title document.

The Title Pre-Closing Docs DWG will conduct regular meetings via conference call and will meet in person at MISMO Summits. This DWG is expected to exist for approximately one year or until it completes its mandate.

Interested participants should visit this link for more information.